Big oil and gas field found in Caspian Sea

Lukoil, Russia’s largest private oil operator, has said it discovered a major oil and natural gas field in the Russian sector of the Caspian Sea. “This year is unique in terms of reserve growth,” Leonid Fedoun, a Lukoil vice president, said Wednesday at a news conference in London, where the stock is traded, noting that the company had added a total of 4.5 billion barrels to its estimated oil reserves.

The field holds probable and possible reserves of 600 million barrels of oil and 1.2 trillion cubic feet of natural gas, the company said. The oil is lower in sulfur than most other Russian oil, particularly the Ural blend benchmark Russian crude, and is thus more valuable.

IHT